THE UNIVERSITY OF TEXAS AT AUSTIN
BA 384T—FINANCIAL ACCOUNTING
Professor James Noel
Office CBAS 6.304B
Office Hours MW 3:30 PM-5 PM or by appointment
Phone 232-9158 (Department Office: 471-5215)
Course Web Page http://www.bus.utexas.edu/faculty/James.Noel/
Teaching Assistants Tim Evers, Sachin Adhikari
Weekly drop-in Help sessions – Tuesdays 6-7 PM, Room TBA
Office Hours and Locations—see course web page for details
“A pupil from whom nothing is ever demanded which he cannot do, never does all he can.”—John Stuart Mill
This course introduces the concepts and issues of financial accounting with an emphasis on the
interpretation of financial statements. The first third of the course presents an overview of the accounting model,
its aims, its continuing evolution, and the notion of earnings persistence. Without a solid understanding of this
material, the remainder of the course will prove to be very difficult. Accordingly, I urge you to keep up with the
course from the start.
The last portion of the course focuses on how corporate financial statements report particular economic
events. We will discuss the generally accepted accounting principles for these events, their limitations, their
alternatives, and the notion of earnings quality. By the end of the course, you should feel comfortable with a
company’s annual report. You should be able to come to a reasoned conclusion about a company’s financial
health and be able to make comparisons across firms and periods. You should be able to pick up a set of
financial statements, understand where the numbers came from, and be able to take the statements apart and
put them back together again so that they suit your decision making needs.
Hirst and McAnally, Cases in Financial Reporting, Third Edition, Prentice Hall, 2001.
Pratt, Financial Accounting in an Economic Context, Fifth Edition, Wiley, 2003.
A calculator that performs basic business functions (i.e., time value of money calculations).
Cases in Financial Reporting provides you with exposure to a wide range of financial disclosures. The
bulk of our class time will be spent on the cases in this text. The Readings package consists of articles primarily
from The Wall Street Journal. The purpose of these readings is to place the concepts we discuss into perspective
and to examine the impact of accounting standards on decision making. We strongly encourage you to do
additional reading of this nature. It will not only improve your understanding of the role of financial accounting
but also will broaden your knowledge of business. The package of Solutions to Text Problems contains solutions to
the problems from the textbook. The Old Exams & Solutions section of the solutions on the webpage contains
samples of the types of examinations you can expect to see.
James Noel BA 384T—Fall 2002 page 2
Course Requirements and Grading
Your grade in the course will be determined as follows:
Written case responses 50
Group Project and presentation 100
The historical distribution of grades has been roughly as follows: 35% A, 10% below B, remainder B.
In general, we expect students to arrive on time and prepared to discuss the day’s topic and case.
We expect professional conduct in the classroom at all times.
Written case responses
For each class session, you should familiarize yourself with the topics covered in the assigned chapter of the
textbook. For each class session, you are responsible for reading one or more articles taken from the business
press. The list can be found on the course web page and will be updated during the semester as new articles are
published. You may come across articles relevant to the accounting topics we are studying as you read the Wall
Street Journal and other periodicals. We encourage you to bring them to our attention.
Each day, we take up at least one case from the Hirst & McAnally casebook. It is critical that you become
acquainted with the basics of each case before class. To help you prepare for the conceptual portion of each
day’s case we ask that you “think about” some parts of the case. In thinking about these case questions, you may
wish to consult the textbook, the readings packet, or discuss the questions in your study group. The first part of
class will be spent emphasizing the important points and economic consequences of the ”think-about” parts of
the day’s case. You should be fully prepared to discuss these in class.
To help you prepare for the analytical portion of each day’s case discussion, we require a written response
to other parts of the case labeled “write about” in the schedule. Your response is to be turned in prior to class to
provide evidence that you were prepared for the case analysis that day. Your preparation will be rewarded:
your written response will be graded on a scale of 0-2. Evidence that you attempted all “write-about” parts of
the case will earn 2 points. An incomplete attempt will evidence less preparation and will receive 1 point.
Responses not turned in will receive 0 points. The emphasis here is on effort and not result. Working toward the
“correct” answer is not the point; working to understand the case and the underlying accounting issues is what
it’s all about.
Late case responses will not be accepted. Electronic case responses will not be accepted. There are 20 assigned written
responses. We will give you two free rides. That is, you need to turn in only 18 responses. You choose the two
you want to skip.
The case questions are representative of those you will find on your examinations. We urge you to
review and rework the old tests and the additional problems included in Cases in Financial Reporting.
NOTE: We have also included a number of questions from the Pratt text on the syllabus. We will not cover
these in class. They were selected as a subset of problems that you should be able to complete. While it is
important that you are able to answer these questions, mastery of these problems is insufficient for success in this
course. Accordingly, we urge you to look at these textbook problems prior to attempting the casebook material. If
you understand them, move on to the case. If, after attempting the case, you are having difficulties, go back to
the relatively straightforward textbook questions and become comfortable with the fundamentals.
James Noel BA 384T—Fall 2002 page 4
Some of you will experience a bit of a shock when you find out how this course is run. When you were
undergraduates, your professors probably covered the material in class then sent you home to try some
problems on your own. That’s not the way this class works. We’ve adopted a much more active learning
approach. For each class session, you are expected to read the material, try some suggested basic textbook
problems, and then do the required case. For many students, this will be the first time you’ve covered the topic.
As such, you’re likely to struggle. It’s through this struggle that learning takes place. The world is changing far
too quickly for us to teach you everything there is to know about accounting or business. You have to pick up
self-education skills. It’s not easy, so we’ve compensated by grading your written case responses based entirely
on effort and not accuracy.
Although you may grumble and complain, we’re not going to change the “read-do homework-take up in class” order
around which the course is based. The feedback we’ve received from prior students at the end of the semester suggests
strongly that this is the best approach.
Group Financial Statement Analysis Project
As part of the cohort system, you have been assigned to a small team or study group. For your final project,
your group will assume the role of a financial analyst and conduct research for a client (e.g., an individual
investor or a portfolio manager; alternatively, you could assume the role of a product manager evaluating
competitors). Your client has asked you to analyze the financial statements of three companies from the same
industry (two are domestic companies, the third a foreign company). You should choose the industry and
companies now so that you can obtain their annual reports and begin doing any necessary research. The
research we have in mind includes searching some of the on-line databases available in the PCL or on the
Internet. You should search for information about your industry and companies. What are the major trends in
the industry? Have any significant events happened at your companies that will be important to consider as
you analyze their results? Who are the companies’ major competitors? And so on.
The report is due on Session 23, the penultimate class session. The format requirements of the report are:
•Six pages maximum—Your report should include supporting analyses as appendices to the six pages.
However, the six pages should stand on their own. We will not grade work beyond the sixth page. Really. This
will likely prove to be a significant constraint. We want to impose discipline in your writing. There’s nothing
worse than having to read a long report that doesn’t say anything. Make your point, support it, and move on.
•Typed, double-spaced—We can spot single-spaced and 1.5 spaced work in our sleep.
•One-inch margins all around—We own rulers. Really.
•Standard type-size (e.g., 12 point Times)—We own computers. We know our fonts!
•PLEASE DO NOT PUT PLASTIC OR CARDBOARD COVERS ON YOUR REPORT.
Your final report should not consist merely of annotated tables of ratios. Ratio analysis is necessary, but not
sufficient, to analyze financial statements and provide a useful report or recommendation. It is not an end in
itself. You must discuss concisely the subject firms’ profitability (including quality and persistence of earnings),
cash flows, asset utilization, debt servicing (liquidity, solvency and reserve funds), risk assessments and overall
assessments from an outside user perspective. We will discuss this further in class.
You’ll find more details about the project on the course homepage. We have included some notes on the
DuPont model, writing tips, and suggestions along with some report formatting examples. Information about
presentations will be disseminated over the course of the semester.
There are several deadlines for the group project. We have instituted them to ensure that you don’t leave
things until the last minute. The early tasks involve choosing the industry and companies, getting the
information, and generating the raw data you’ll need later. Most of this work can be done before the end of
September. By doing it early, you’ll have more time to devote to analysis later in the semester. We are hopeful
that this will lead to even higher quality reports than those that we’ve received in the past.
James Noel BA 384T—Fall 2002 page 5
Milestone Date Points
Choose industry and company. First-come, first served. None
One group per industry.
Choices must be
submitted via e-mail.
Submit a copy of each company’s annual report. The first Session 10 – September 10 points—2 points
page of the Form 10-K or annual report is preferred. 30th off for each day late
Submit common-size F/S and a table of ratios for each Session 16 – Nov. 4th 20 points—4 points
company. No interpretation of the data is required at this off for each day late
stage. Your data should cover at least three years of B/S, I/S,
and SCF data. Use the DuPont framework to organize your
Submit your completed analyses. Session 23 – Dec. 2rd 50 points
In-class formal group presentations Session 23– Dec. 2rd 20 points
Session 24 – Dec. 4th
Total 100 points
There are two examinations for this course, midterm examination and a final. Anyone missing an exam will
automatically receive a grade of zero for that test. Exceptions for documented medical or family reasons may be
permitted. Where possible, either the department office or the professor should be contacted prior to the time of
the exam. At our discretion, either a make-up exam will be scheduled or a reallocation of the weight of
remaining examinations will be made.
Both exams will consist of short written answers and problems. Each exam will be based in large part on the
annual report of a particular company. Questions will rely both on the actual numbers in the report as well as
‘made-up’ numbers. We will provide you with either a copy or information on where to get a copy of each
annual report early in the course. Prior to each exam, we will specify which portions of the annual report you
will be responsible for. It is your responsibility to read and understand the material.
The midterm is scheduled for Monday, October 7 at 6:30 P.M. The midterm is closed book. You may bring a
non-programmable calculator to the midterm exam. The final examination is open book, open notes, etc. Laptops
are not permitted in either exam.
The annual reports we will use are:
• Midterm: Cutter & Buck, Inc.
• Final: Whole Foods Market, Incorporated
Preparation for the Examinations
Success on any examination depends largely on your preparation and the application of common sense. The
exams in this course are very similar to the cases we cover in class. As such, mastering the cases is an important
step in preparing for the exams. If you want more practice, try some of the cases we don’t cover in class and be
sure to work through the old exams.
Don’t feel that you have to wait until the day before the exam to look over the old ones. After we’ve covered
accounts receivable, find the receivables questions on the old exams and try them. After we cover long-term
debt, find the long-term debt questions and try those. If you don’t feel you understand the material, don’t wait
until just before the exam to try to “get it.” Come to office hours, see one of the T.A.s, regularly attend the help
sessions, post a message to the class discussion group, or ask one of your group members.
James Noel BA 384T—Fall 2002 page 6
We can assure you that reading the textbook and doing the end-of-chapter exercises is insufficient preparation.
Every semester, some students make this mistake. You need to go well beyond that level. Focus on the cases.
Weekly Help Sessions
Each Tuesday from 6-7 P.M., drop-in help sessions will be held by the course teaching assistants (T.A.s).
The room is to be announced (TBA). These meetings are strictly optional and are aimed primarily at students
with little or no prior accounting background. A set of basic problems has been developed for each help session
and these are available, along with the solutions, on the course web page. You are encouraged, but not required
to work on the problems before the help session. The T.A. will work on these problems during the help session.
In addition, the session will provide an opportunity to review cases already covered in class and to clarify any
concepts that you have not fully grasped. The sessions are not designed to help you with upcoming cases nor
cover advanced topics.
We have no tolerance for acts of academic dishonesty. The responsibilities for both students and faculty
with regard to the Honor System are described on the MBA web page
http://texasmba.bus.utexas.edu/students/academics/honor/index.asp .By teaching this course, we observe all
the faculty responsibilities described therein. At the Ethics workshop held during Orientation, you signed the
Honor Code Pledge. In doing so, you agreed to observe all of the student responsibilities of the GSB Honor
Code. If the application of the Honor System to this class and its assignments is unclear in any way, it is your
responsibility to ask us for clarification.
As specific guidance for this course, you should consider the writing of all examinations to be an individual
effort. Group preparation for examinations is acceptable and encouraged. Homework assignments are to be
turned in individually. Although we expect (and even encourage) you to work on these assignments in groups,
you should write-up your submissions individually. That is, you should not have one group member type the
solution and share the document, electronic or otherwise, with the other members. Doing so is not only an act of
academic dishonesty, but significantly reduces the learning experience. If such cases come to our attention, all
parties involved will receive grades of zero for that assignment. Repeat offenses will be dealt with more harshly.
A Note to Foreign Students
Many foreign students experience a degree of “culture shock” when they get to UT—Austin. They may be
used to extremely formal relationships between students and professors and they may tend not to ask questions
or speak unless called on. In our class, we prefer an informal atmosphere. Feel free to address us by our first
names. Ask questions at any time. Don’t worry about your accent or what others think. The classroom is a place
to practice and learn, not a place to worry.
A Note to Non-Foreign Students
Look around. You may notice that your class has a substantial number of foreign students enrolled. Take
advantage of this resource. Learn about other countries and cultures. Learn how business is conducted
elsewhere. It seems trite to speak of the globalization of business, but that is just what’s happening. Don’t let this
resource go untapped.
Students with Disabilities
Upon request, the University of Texas at Austin provides appropriate academic accommodations for
qualified students with disabilities. For more information, contact the Office of the Dean of Students at 471-6259,
James Noel BA 384T—Fall 2002 page 7
Session 1 August 28th Introduction – Financial Accounting and Its Economic Context
Learning Objectives Course overview
DuPont Analysis – An Introduction
Session 2 September 4th The Financial Statements
Learning Objectives The four major financial statements
Relationships among the financial statements
Major uses of financial statements
Differences among financial statements of different companies
The role of estimates in financial accounting
Textbook Chapters 1 & 2; skim Chapter 5
(Do not read textbook appendices unless instructed to do so)
Readings Pressure to Meet Expectations Fostered Abuses at WorldCom
WorldCom’s Disclosure Highlights Estimates that Underlie Reserves
Suggested Exercises E2-3, E2-4, E2-6, and E2-12
Case Maytag—Understanding Financial Statements
Think-about parts a to e
Write-about parts f to k
Session 3 September 9th The Mechanics of Financial Accounting
Learning Objectives The accounting equation
The accounting cycle
Interpreting economic events
Journal entries and closing entries
Financial statement preparation
Textbook Chapter 4 including Appendix 4A
Readings Trying to Catch WorldCom’s Mirage
Corporate America Gets Slammed
Suggested Exercises E4-2, E4-3, E4-5, E4-8, P4-3, and P4-1
Case Food Lion, Inc.—Preparation of Financial Statements
Think-about part a
Write-about Journal entries for parts b and f
Laptop Bring your laptop to class.
James Noel BA 384T—Fall 2002 page 8
Session 4 September 11th Accrual Accounting & Adjusting Journal Entries
Learning Objectives The accounting cycle revisited
Financial statement preparation
Textbook Chapter 4 including Appendix 4A
Readings Europe’s Immunity to Enronitis
Suggested Exercises E4-16, E4-19, P4-7, and P4-16
Case Abercrombie & Fitch—Transactions and Financial Statements
Think-about This is the last time we will be constructing a complete set
of financial statements. Make sure you understand the mechanics of
financial accounting by the end of this class. For those of you who are
comfortable preparing financial statements, be sure to look over parts h
Write-about parts a to g
***NOTE SESSION 5 IS A SPECIAL FRIDAY SESSION in GSB 3.138***
Session 5 September 13th Time Value of Money
Learning Objectives The nature of the investment decision
Time value of money
Relative risk and the concept of an opportunity rate of return
Future and present value of lump sums and annuities
Valuation of investment opportunities
Textbook Appendix B
Readings How to Avoid Investing in Enron II?
Suggested Exercises All these problems are in Appendix B: EB1, EB2, EB3, EB5, PB4, and PB7
Cases Maya, Inc.—Return on Investment
Think-about part a
Write-about parts b, c, d
Hydron Technologies Corporation—Lease or Buy
Think-about parts a, b, and d
Write-about part c
James Noel BA 384T—Fall 2002 page 9
Session 6 September 16th Measurement Fundamentals
Learning Objectives Implications of the cost, realization and matching principles for valuing
assets and liabilities
Value of a firm: discounted cash flows approach
Alternate valuations of assets and liabilities
Value of net assets versus the value of the firm
Value additivity and goodwill
Textbook Chapter 3
Readings AES Aims to Demystify Its Reporting
Suggested Exercises BE3-1 and E3-3
Case Maple Leaf Gardens—Valuation
Think-about part a
Write-about part b
Session 7 September 18th Valuation and Earnings Persistence
Learning Objectives Relationship between income and cash flows
Income, capital conservation and growth
Earnings persistence and prediction of future cash flows
Textbook Chapters 3 and 13
Readings FASB: Rewriting the Book on Bookkeeping
On the Same Page
Suggested Exercises E3-8, P3-7, BE13-1, and E13-7
Cases Maple Leaf Gardens
Write-about parts c and d
GTE—Persistence of Earnings
Think-about parts a to e
James Noel BA 384T—Fall 2002 page 10
Session 8 September 20th Statement of Cash Flows—Analysis
Learning Objectives Information in a cash flow statement
Financing activities and cash flows
Investing activities and cash flows
Operating activities and cash flows
Income statement coverage of activities v. coverage in cash flow statement
Textbook Chapter 14
Readings Companies can Trumpet EBITDA to Mask Their Unprofitability
‘Unusual Expenses’ Raise Concerns
Cash Flow Statement Offer the Juiciest Corporate Dirt
Suggested Exercises BE14-2, BE14-3, E14-7, E14-10, and P14-1
Case Frederick’s of Hollywood—Statement of Cash Flows
Think-about parts a to f
Write-about parts g and h.
Session 9 September 25th Statement of Cash Flows—Mechanics and Insights
Learning Objectives Relationship among the balance sheets, income statement and SCF
Direct approach to preparing a statement of cash flow (SCF)
Indirect approach to preparing a cash flow statement
Textbook Chapter 14 and Appendix C
Readings ‘Cash Flow,’ a Highly Touted Measure of Strength, …
Sadly, There Days Even Cash Flow Isn’t Always What It Seems to Be
Suggested Exercises E14-19, P14-11, and P14-17
Case Weis Markets Inc.—Statement of Cash Flows
Write-about all parts
Session 10 September 30th Accounts Receivable
Learning Objectives Allowance method of accounting for bad debts
Inferring bad debt expense, collections, etc. from account analysis
Quarterly financial reporting on Form 10Q
Textbook Chapter 6; Skim Appendix 6A
Readings Time Bandits
Is Citigroup Set for a Rainy Day?
Case Warnaco—Accounts Receivable
Think-about parts a to f, and k
Write-about parts i and j. In class we will do part g together.
James Noel BA 384T—Fall 2002 page 11
Session 11 October 2nd Revenue Recognition
Learning Objectives Revenue recognition concepts
Textbook Chapter 6; Skim Appendix 6A
Readings Global Crossing’s Use of Swaps to Boost Revenue Wasn’t Unusual
Merck Books Co-Payments To Pharmacies as Revenue
Peregrine Replaces Its CEO, CFO As Accounting Inaccuracies Surface
SEC Broadens Its Investigation Into Revenue-Boosting Tricks
Suggested Exercises E3-4, E3-5, ID3-1, E6-6, P6-3, and P6-7
Case Analog Devices Inc.—Revenue Recognition
Think-about parts a to g
Write-about parts h to j
Sessions 12 and 13 October 7th MIDTERM Cutter & Buck Inc.
Session 14 October 28th Inventory
Learning Objectives Definition of inventory and inventory flows
Perpetual versus periodic inventory accounting
Inventory cost flows and alternate assumptions
Effects of cost flow assumptions on assets and income when prices change
Effects of changing cost flow assumptions on assets and income
Textbook Chapter 7
Readings Accounting for Manufacturing Inventory
SEC Investigating Bristol-Myers
Too Many Thin Mints: Spotting The Practice of ‘Channel Stuffing’
After Roaring Through the ‘90s, Harley’s Engine Could Sputter
Suggested Exercises E7-7, E7-10, P7-4, P7-9, and ID7-4
Case Lands’ End, Inc.—Inventory
Think-about parts a to c, and g
Write-about parts d and e
James Noel BA 384T—Fall 2002 page 12
Session 15 October 30th Property, Plant & Equipment
Learning Objectives Items included in the cost of a long-lived asset
Depreciation—estimates required, patterns or methods
Disposition and write-downs of depreciated assets
Inferences from account analysis
Textbook Chapter 9
Readings Nervous Investors Question Telecom Accounting Practices
WorldCom Internal Probe Uncovers Massive Fraud
Suggested Exercises E9-1, E9-4, E9-7, E9-12, P9-10, and ID9-1
Case Frederick’s of Hollywood—Property, Plant, and Equipment
Think-about parts a to d
Write-about parts e to i
Session 16 November 4th Other Long-Term Assets
Learning Objectives To capitalize or not to capitalize
Research and development
Goodwill and other intangible assets
Management choice versus accounting policy
Textbook Chapter 9 especially Appendix 9A
Readings Stock Gurus Disregard Most Big Write-Offs, …
Suggested Exercises E9-19
Case Chambers Development—Capitalizing Costs
Think-about parts a to c
Merck & Co., Inc.—Research and Development
Think-about parts a and b
Write-about parts c and d
James Noel BA 384T—Fall 2002 page 13
Session 17 November 6th Economics of Liabilities
Learning Objectives Liability definitions
Current versus long-term classification
Determinable versus contingent liabilities
Noncurrent debt financing
Cash flows and interest costs
Valuing noncurrent liabilities
Allocating interest costs—effective interest rate method
Textbook Chapter 10, Chapter 11 and Appendix 11A, omit pp 476-480
Readings Sinking Commercial Paper Market …
Dow Chemical Remains Silent on Exposure to Asbestos Cases
Qwest Amends Unsecured Debt Pact …
Suggested Exercises E10-3, E10-4, E10-6, E10-8, E10-9, and ID10-7; E11-3, E11-4, E11-9, E11-13,
Case Maytag Corporation—Warranties and Deferred Taxes
Think-about parts a to c
Write-about parts e and g
Bally Entertainment—Long-Term Debt
Think-about part a Hint: Refer to the WSJ Interactive’s glossary for help.
Write-about parts b to e
Session 18 November 11th Noncurrent Liabilities—Leases and Off Balance Sheet Items
Learning Objectives Applying the effective interest method to other liabilities
Capital leases versus operating leases
Textbook Chapter 11 especially pp 476-480
Readings With Airlines in a Post-Sept. 11 Dive (background reading about leasing)
What Evil Lurks Somewhere Beyond Firms’ Balance Sheet?
Off-Balance Sheet Items Hold The Key for Curious Investors
Suggested Exercises E11-22, P11-14, and P11-15
Case American Airlines—Leases
Think-about parts a to c
Write-about parts d, g, and I
James Noel BA 384T—Fall 2002 page 14
Session 19 November 13th Stockholders’ Equity
Learning Objectives Equity financing
Components of stockholders’ equity
Treasury stock (cost method)
Debt and equity equivalents
Textbook Chapter 12
Readings Debt Reduction in Telecom Area May Hurt Stocks
Maytag Plans Products, Cost Cuts, But Low Equity Remains a Hurdle
Low-Key Preferred Stock Could Ease the Low-Yield Blues
Suggested Exercises E12-1, E12-4, E12-7, P12-9, P12-10, and ID12-3
Case Dow Chemical—Treasury Stock
Think-about part d
Write-about parts a to c and e
Session 20 November 18th Marketable Securities & Long Term Investments
Learning Objectives Marketable securities: trading, available for sale and held to maturity
Investments in affiliate or associate companies – equity method
Textbook Chapter 8
Readings Has Coke Been Playing Accounting Games?
Venture Capital: Should Intel Stick to Its Day Job?
Bringing the Future into Play
Suggested Exercises E8-3, E8-10, P8-4, P8-5, P8-8, and ID8-4
Cases Wachovia—Investments in Common Stock
Think-about part g
Write-about parts a to d
BCE Inc.—Investments in Other Companies
Think-about parts a to c
Session 21 November 20th Financial Statement Analysis I
Learning Objectives Ratio analysis and the DuPont Model
Tools of analysis
Writing an analysis
Textbook Chapter 5
Readings Dangerous Games
Group Project Tip Sheet
James Noel BA 384T—Fall 2002 page 15
Session 22 November 25th Financial Statement Analysis II
Learning Objectives Objectives of financial statement analysis
Textbook Chapter 3
Readings Confused about Earnings?
Accounting Scandals May Lurk at Asian, European Companies
Suggested Exercises E5-3, E5-5, P5-11, and ID5-8
Case Boston Beer and Lion Brewing—Financial Statement Analysis
Think-about parts a and f
Write-about parts b to e. You may submit a group response for this case
only. You may work with any classmates you choose.
Thanksgiving Holiday November 27th – no class as we make up for the Friday session we had in
September so that we had an equal number of sessions before and after
the Plus Program. Use this time to work on your group financial
statement analysis projects.
Session 23 December 2nd In-class presentations
Session 24 December 4th In-class presentations
FINAL EXAMINATION Whole Foods Thursday, December 12